Guidebook: Guardian Analytics fraud detection

Research

May 2017 - Report R61

THE BOTTOM LINE

Behavioral analytics is a new and powerful approach that is transforming fraud detection. Financial institutions are increasingly challenged to combat fraud in many areas, with wire transfers and transactions through the Automated Clearing House (ACH) service an increasing concern. Fraud in these areas can be particularly difficult to prevent, because of the high volume of transactions and the increasing propensity for client-generated fraudulent transactions. In examining the strategies of financial institutions to prevent wire and ACH fraud, Nucleus found that applying behavioral analytics solutions such as Guardian Analytics went beyond the traditional rules-based approach to lower overall fraud, while dramatically reducing false positives, driving increased security, reducing staff burden, and improving customer relationships.